As rumored, the Consumer Financial Protection Bureau (“CFPB”) is proposing to revise its general qualified mortgage definition by adopting a loan pricing test. Specifically, under the proposal, a residential mortgage loan...more
In a new era of double-digit unemployment resulting from the COVID-19 pandemic, it may be tough for a mortgage lender to predict the amount and stability of someone’s income in order to determine qualification for a home...more
6/10/2020
/ Ability-to-Repay ,
Borrowers ,
Consumer Financial Products ,
Coronavirus/COVID-19 ,
Fannie Mae ,
Financial Services Industry ,
Freddie Mac ,
Freelance Workers ,
GSE ,
Independent Contractors ,
Mortgage Loan Servicing Standards ,
Mortgages ,
Qualifying Income ,
Underwriting
Many of you have read about the power of the president to invoke the Defense Production Act to acquire products or direct the activities of suppliers based on a finding that it is necessary for the federal government to...more
6/9/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Fannie Mae ,
Financial Distress ,
Forbearance Agreements ,
Freddie Mac ,
Ginnie Mae ,
GSE ,
Mortgage Servicers ,
Mortgages ,
Relief Measures
This week, the Federal Housing Finance Agency (“FHFA”) announced an eagerly awaited policy allowing Fannie Mae and Freddie Mac (the “Agencies”) to address one aspect of the liquidity crisis for mortgage servicers facing...more